Ann: OZ Minerals December 2011 Quarterly presenta, page-14

re: Ann: OZ Minerals December 2011 Quarterly ... Been a bit busy the last 2 days helping out my local Ag show.

Just had time to listen to the qtly webcast. Some points I have gleaned.

1. C1 cash costs rising in 2012, but predicting to plateau at this level in future years. ($1 to $1.10)
2. The likelihood of another capital return is almost zero due to the ATO not allowing it.
3. Cambodia Gold is not core business to OZL - Read "it will be sold".
4. TB was quite strong in his rebuttal of analysts questioning the dollars spent on exploration. He indicated that OZL is being very disciplined in it's approach. This is new ground and unlike some other companies that are drilling, there is no historical data available. OZL has to create the database themselves.
5. TB was also polite but strong in his rebuttal of analysts wanting to see some action on M & A. He kept to the line that he will only do a deal when there is value for OZL shareholders. TB mentioned that others have done M & A in the past year, and it has not added value to the shareholders of the company doing the acquiring. (Think Barrick Gold and Newcrest).
6. C - a lot of infrastructure is going in so that the exploration can be done (they were living in an abandoned railway building).
7. C - a decision on the exploration shaft will be in mid 2012. OZL has the cash to do one at their leisure. The analysts think the cash on the bal sheet is a liability. I regard it as an asset. OZL can proceed on C without any cash limitations. This is very very important. Other ASX miners are currently cash constrained and do not have the ability to progress the assets they own at the speed they want. OZL is in the enviable position to not have to get funding from the market or a bank. OZL is in charge. That is a big plus in my book.

HT1